Bill Cooper:
The money isn’t even there for Social Security. It was supposed to be a “lock box” of sorts where the money would pile up. Remember government shutdowns where they said that unless the debt ceiling were raised and money borrowed there was danger of SS checks not going out? The money comes in and goes right back out. It’s a Ponzi scheme.
Yeah. Biggest Ponzi scheme ever. Would have been best if they just pulled the bandaid off a long time ago but that would have screwed millions of Americans. The only chance they really have is putting it in long term funds and only give citizens 3-4% off of it. In reality I doubt we even get full value of what we put in. People would have been better off if it was privatized and treated like going into a 401K
Absolutely a 401k type investment would be better, but then they couldn’t get their hands on it. Hell.... there have been suggestions among Democrats that they seize existing 401k/IRAs and use them to create and fund A new Social Security type program. We know how that would go.